Oil hits two-week low on Iran talks resuming, U.S. crude build | Reuters

Oil hits two-week low on Iran talks resuming, U.S. crude build | Reuters

Oil prices fell about 1% to their lowest in two weeks on Thursday after Iran said talks with world powers on its nuclear programme would resume by the end of November and on rising U.S. crude inventories.

Brent crude was $1.06, or 1.2%, lower at $83.52 a barrel by 12:31 p.m ET (1631 GMT), having hit a two-week low of $82.32 earlier in the session and falling 2.1% on Wednesday.

U.S. West Texas Intermediate (WTI) crude fell 79 cents, or 0.9%, at $81.86, having earlier touched a two-week low of $80.58. The benchmark dropped 2.4% on Wednesday after weekly data showed U.S. crude stockpiles grew more than expected.

Iran's top nuclear negotiator Ali Bagheri Kani on Wednesday said the country's talks with six world powers to try to revive a 2015 nuclear deal will resume by the end of November.